Marginal cost must be equal to average cost when average cost is at a maximum.
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Q8: Long-run total cost is the maximum economic
Q9: Implicit costs represent the opportunity that a
Q10: Explicit costs are those costs of production
Q11: The private costs of a firm includes
Q12: Historical costs are those costs of production
Q14: Fixed costs are costs that do not
Q15: The social costs of firm are any
Q16: When marginal cost is greater than average
Q17: Incremental cost is the additional cost that
Q18: Long-run average cost is equal to long-run
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